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MUMBAI — Indian Oil Corp plans to raise funds selling commercial papers maturing in two months, three merchant bankers said on Wednesday.

The state-run oil marketing company will offer a yield of 5.78% on these notes, and it has received commitments worth around 5 billion rupees ($62.92 million)so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature in October. ($1 = 79.4625 Indian rupees) (Reporting by Dharamraj Lalit Dhutia; Editing by Sriraj Kalluvila)